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Next Previous With profits of € 11.79 million closed in 2021 for Atlantic HOME • INSIDER • BUSINESS • With profits of € 11.79 million closed in 2021 for Atlantic
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The total profits of Atlantic Insurance attributable to shareholders amounted to € 11.79 million compared to € 3.75 million in 2020, recording an increase of 214.7%. The increase is mainly due to the significant gains recorded by the Group's investment portfolio, which amounted to € 7.06 million against a loss of € 2.12 million in 2020.
Earnings from work
Profits from operations of the Group decreased by 24.0% and amounted to € 4.46 million compared to € 5.86 million in 2020. The decrease was due to the increase in receivables by 11.9%.
< p> Insurance operations
The profits from insurance operations of the Company amounted to € 4.31 million compared to € 5.85 million in 2020, recording a decrease of 26.4%. The decrease was mainly due to the increase in receivables by 11.9%, the increase in operating expenses by 9.0% and the decrease in total income by 1.6%. The profit margin decreased to 24.0% compared to 31.9% in 2020 mainly due to the increase of the receivables ratio to 46.7% from 40.9% and the increase of the expense ratio to 27.9% from 25.1% in 2020.
Financial operations
The results of the subsidiary Atlantic Securities Ltd, which presented profits of € 210 thousand against a loss of € 4 thousand in 2020, were particularly satisfactory. 398 thousand in 2020. Operating expenses decreased by 3.8% to € 365 thousand (2020: € 379 thousand). There was also a return on investment of € 50 thousand against a loss of € 21 thousand in 2020.
Premiums
Gross premiums amounted to € 21.39 million against € 22.35 million, recording a decrease of 4.3% mainly due to the loss of the contract of the Cyprus Electricity Authority. Excluding fronting fees, gross premiums increased slightly by 0.2% to € 20.62 million compared to € 20.58 million in 2020. The vehicle industry grew by 2.4% and the property sector by 2.9%. %. On the contrary, a decrease of 10.8% was recorded by the health sector and a decrease of 2.0% by the liability sector. The net premiums amounted to € 17.99 million with a decrease of 0.9% compared to the previous year. After the transfer to the non-earned premiums amounting to € 23 thousand, the net earned premiums amounted to € 17.97 million with a decrease of 1.9% compared to the previous year.
Other income
Other income from insurance operations for the year 2021 amounted to € 986 thousand compared to € 936 thousand in 2020. Much of the other income relates to commissions receivable from reinsurers which amounted to € 854 thousand compared to € 781 thousand in 2020. The increase is due to the increased commission and commission rates on profits of the property sector as a result of changes in the reinsurance contracts of the sector. The share of profits from the Company's participation in joint ventures decreased to € 108 thousand from € 134 thousand in 2020.
Non-recurring income
Last year's results include non-recurring income of € 0.20 million which reverses the forecast for possible future damage from natural disasters.
Claims
Net claims on policyholders in 2021 recorded an increase of 11.9% to € 8.40 million from € 7.51 million in 2020 which is mainly due to the increase in claims of the vehicle sector by 17.2% as a result of restrictive measures to deal with the covid-19 pandemic in the previous year. Demands in the property and liability sectors also increased. On the contrary, the claims of the health sector amounted to € 1.12 million with a significant decrease of 25.5% compared to the corresponding period last year. The receivables ratio for 2021 increased to 46.7% compared to 40.9% in 2020.
Management expenses
The Group's management expenses in 2021 showed an increase of 7.3% and amounted to € 5.29 million compared to € 4.92 million in 2020. The increase is mainly due to the increase of the Company's payroll expenses by 3.7% as well as and the increase of provisions for doubtful debtors by € 145 thousand
Net financial income
Net financial income in 2021 decreased to € 455 thousand compared to € 499 thousand in 2020. Bond interest amounted to € 493 thousand compared to € 489 thousand in 2020. On the contrary, interest on bank deposits decreased to € 11 thousand from € 35 thousand and other interest receivable at € 10 thousand from € 46 thousand mainly due to interest € 34 thousand from tax refund in 2020. Bank charges and interest payable amounted to € 86 thousand compared to € 76 thousand in 2020 due to an increase in credit card expenses as well as due to negative interest rates on bank deposits.
Income and return on investment
Investment income in 2021 which relates to dividends and rents receivable increased to € 555 thousand compared to € 450 thousand in 2020 due to the increase in dividends by € 137 thousand. Significant gains of € 7.06 million were recorded by the investment portfolio of the Group against investment losses of € 2.12 million in 2020. The total return on the Company's investment portfolio (including interest and dividends) amounted to + 28.6%.
Real estate revaluation b>
In 2021 the Company realized a loss from revaluation of investment properties of € 58 thousand (2020: Loss of € 283 thousand). The revaluation of real estate for own use resulted in a profit of € 138 thousand (2020: Loss of € 203 thousand).
Earnings per share
The Group's shareholder earnings per share were 30.27 cents per share from 9.62 cents in 2020. The Company's shareholder earnings per share was 29.91 cents per share from 9.63 cents per share. 2020.
Equity
After the payment of a dividend of € 3.31 million on June 29, 2021, the Group's equity increased by 21.8 % as of December 31, 2021 amounted to € 48.29 million from € 39.62 million as of December 31, 2020.
Solvency II
According to the calculations of capital requirements based on the Solvency II instructions, which were submitted to the Insurance Companies Audit Office, the solvency margin of the Company on December 31, 2021 amounted to 217.1% (2020: 234.8%) against the minimum allowable which amounts to 100%.
Dividend
The Board of Directors of the Company in a meeting of April 6, 2022 decided to propose for approval during the next Annual General Meeting of the Company the payment of a dividend of 8.5 cents per share. In addition, due to the high profitability of the investment portfolio, it was decided to propose the payment of a special dividend of 3.5 cents and therefore the total dividend will amount to 12.0 cents per share. On May 26, 2021, during the Annual General Meeting, the proposal of the Board of Directors for the payment of a dividend of 8.5 cents per share was approved. The dividend was paid to the beneficiaries on June 29, 2021.
